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Affordable Housing in Wetherby: LIHTC's Impact on a Changing Iowa City Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Wetherby neighborhood in Iowa City, Iowa, contains 14 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, constitute a portion of the area's affordable housing inventory. The neighborhood's estimated 815 housing units, based on a 2022 population of 2,127 and the national average household size of 2.61, include approximately 1.72% LIHTC-funded affordable units.
The LIHTC program has invested $118,455 in tax credits for affordable housing in Wetherby, averaging $8,461 in federal funding per unit. Berry Court, completed in 2007, is the sole LIHTC-funded project in the neighborhood, providing affordable housing for over 15 years. The project includes 5 two-bedroom units and 9 three-bedroom units, suggesting a focus on accommodating families or larger households.
Wetherby's population has fluctuated over the past decade, reaching 2,500 in 2018 before decreasing to 2,127 in 2022. The median income has generally increased, rising from $47,558 in 2013 to $57,544 in 2022, with some variations. Racial demographics have shifted, with the Black population increasing from 25% to 33% between 2013 and 2022, while the White population decreased from 59% to 47%. The Asian population grew from 2% to 8% during this period.
Despite these demographic changes, no new LIHTC projects have been developed in Wetherby over the last decade. This lack of new development may be attributed to factors such as the neighborhood's small size, changes in funding priorities, or shifts in housing needs that could be addressed through alternative programs or housing types.
Wetherby's affordable housing landscape is characterized by Berry Court, which provides 14 low-income units. This project represents a small percentage of the estimated housing inventory but has maintained a consistent presence since 2007. The focus on two- and three-bedroom units in Berry Court indicates an emphasis on family housing. The absence of new LIHTC projects despite demographic and income changes over the past decade suggests that affordable housing needs may be met through other means or that additional factors are influencing affordable housing development in the area.
